![\"Synchron](\"https:\/\/riskinfo.com.au\/news\/files\/2016\/02\/Don-Trapnell-2.jpg\")
Announced at a media briefing earlier this week,\u00a0 Synchron Director Don Trapnell<\/strong> said the intention of the new product range was to offer consumers fixed level premiums for lump sum policies that can change over time to better reflect their life stage and situation. Importantly, Trapnell also noted the insured client will enjoy guaranteed renewability, meaning they can continue to other product options after the expiry of their fixed term without any additional underwriting.<\/p>\n Trapnell noted the motivation behind this initiative lay in addressing the issue within the Australian life insurance market, where many lump sum life contracts have been cancelled by the time the insured life has reached the time of life at which claimable events are likely to occur.<\/p>\n From the life company perspective, AIA Australia’s Senior Manager Retail Product Strategy, Steven Baxter<\/strong>, said the new product was intended to give Australians. Once the product is released, Baxter said clients will be offered fixed term level premiums that complement current stepped and level options,\u201d Mr Baxter said. \u201cThis means advisers will be able to better align the products to meet the specific needs of individual clients.”<\/p>\n Echoing Baxter’s comment, Trapnell raised the concept of ‘smoothing’ or ‘shaping’ Australian life insurance products around the life cycle of the client, which would contribute to greater affordability. He cited an example that included a client taking a higher sum insured level when his\/her children were at school age, possibly reducing cover over time and making other adjustments to reflect increasing age and\/or changing lifestyle and circumstances.<\/p>\n Neither Trapnell nor Baxter were able to confirm a release date for this new product option, but indicated they were seeking a 2016 release date target.<\/p>\n In closing, Trapnell also emphasised that Synchron was not seeking exclusivity in accessing this product via AIA Australia.<\/p>\n","protected":false},"excerpt":{"rendered":" Risk specialist dealer group Synchron and AIA Australia have released initial details of a new fixed term option for lump sum life insurance products, to be called fixed term level.<\/p>\n","protected":false},"author":3,"featured_media":32384,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,6,4],"tags":[4247],"class_list":["post-32317","post","type-post","status-publish","format-standard","has-post-thumbnail","category-company-news","category-dealer-groups","category-products","tag-feature"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/32317","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=32317"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/32317\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/32384"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=32317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=32317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=32317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}… the insured\u00a0 client will enjoy guaranteed renewability<\/h6>\n